Manufactured Homes (Mobile Home)

Home has a chassis, transported to the site, initially registered as a vehicle until placed on a permanent foundation and taxed as real property

Government (FHA, USDA, & VA)

  • 30, 20, or 15 year fixed rate.

  • 620 minimum credit score.

  • Not permitted on housing loans.

  • Must be a multi-width unit, no single width homes allowed.

  • May not be in a leasehold estate; in a “Park".

  • Home must have been permanently affixed for a minimum of 12 months.

  • HUD Certification Label required.

  • Escrow hold backs are not allowed.

  • Cannot be in a flood zone.

  • A current structural engineer report is required.

  • Down Payment Assistance programs are not allowed.

  • Max DTI 45% on FICO 620-659 with Approval

  • Max DTI 31/43 on manual underwrite with FICO score 620-639.

conventional

  • 30 or 15 year fixed rate.

  • 620 minimum credit score. All borrowers must have a Credit score.

  • Purchase or Limited Rate & Term Refinance

  • Purpose: Owner Occupied & Second Home.

  • 5% down payment. Borrower must make 5% minimum contribution from their own funds. After the minimum borrower contribution, gifts can be used to supplement down payment, closing costs, and reserves.

  • Non-occupying Co-borrower not allowed

  • Minimum 12' wide and 600+ square feet gross living area, no single width homes allowed.

  • Max 45% DTI.

  • Escrow holdback not permitted.

  • Manufactured homes must meet the following minimum requirements:

    • Manufactured Home must be multi-width unit – no single width homes allowed.

    • Manufactured Home must have been permanently affixed for a minimum of 12 months unless the borrower is the second purchaser of the property and the seller is not the builder-contractor or manufactured housing dealer who installed MH unit on site.

    • A manufactured home that was installed or occupied previously at any other site or location is ineligible. The home may only have moved from the manufacturer’s or dealer’s lot to the current site of the home.

    • Manufactured Home must be built on a permanent chassis according to applicable HUD codes for manufactured homes in effect as of the date it was constructed.

    • Minimum of at least 12 feet wide and at least 600 square feet gross living area.

    • To evidence the Manufactured Home is built in compliance with the Federal Manufactured Home Construction and Safety Standards, both the HUD Certification Label (a metal plate located on the exterior of each section) and HUD Data Plate/Compliance Certification (located on the interior of the subject) must be present and legible. The HUD Data Plate section of the Manufactured Home Appraisal Report must be completed with the information from both sources. If the original HUD Certification Label or HUD Data plate is missing, the following alternate documentation must be obtained:

      • For the HUD Data Plate/Compliance Certificate - obtain the Performance Verification Certificate from Institute for Building Technology and Safety (IBTS) or by contacting the In-Plant Primary Inspection Agency (IPIA) or the manufacturer.

      • For the HUD Certification Label - obtain a verification letter with the same information contained on the HUD Certification Label from the IBTS

    If the original or alternative documentation cannot be obtained for both the Data Plate/Compliance Certificate and HUD Certification Label (tag), the loan is not eligible.

    • Manufactured home must have been built on or after June 15, 1976.

    • The anchoring system must comply with HUD Codes.

    • An engineer report is required if the manufactured Home was installed prior to October 20, 2008. The anchoring system must comply with the manufacturer’s design or a design by a licensed (registered) professional engineer. Anchoring systems pertain to all components of the anchoring and support systems and any other equipment, materials and methods of construction that support and secure the Manufactured Home to the ground.The permanent foundation must be designed for the site conditions, home design features and the loads the home was designed to withstand in accordance with the manufacturer’s instructions or a design by a licensed (registered) professional engineer. The foundation must meet all applicable local, State or federal codes.

    • Any structural modifications to an existing Manufactured Home must be approved by a licensed professional engineer or the local, State or federal authority.

    • A manufactured home with an accessory dwelling unit, guest home or any other dwelling type is ineligible.

    • The manufactured home must have a pitched roof and assume the characteristics of site-built housing, including permanent utilities.

    • Must be a one-family dwelling that is legally classified as real property, and taxed as real estate by local taxing authority. The towing hitch, wheels, and axels must be removed (including tongues, axles, brakes, wheels, and lights) and the dwelling must assume the characteristics of site built housing, permanently affixed to a permanent foundation.

    • The land on which the manufactured home is situated must be owned by the borrower in fee simple. Leasehold estates or within condominium projects are not eligible.

    • Must be permanently connected to a septic tank or sewage system and to other utilities (including power and water) in accordance with HUD codes

    • The title policy must identify the manufactured unit as part of the real property and contain an ALTA Form 7 or equivalent endorsement

    • Owner of manufactured home must also own the land on which home is situated.

    • Manufactured home must be attached to a permanent foundation on the land.

    • A mortgage/deed of trust must be recorded in the land records and must identify the encumbered property as including both the home and the land. It must also include the VIN, Serial numbers from HUD Data Plate of the manufactured home along with the description of the land.

    • The manufactured home must be classified and titled as real property

    • Any certificate of title to the manufactured home must be surrendered to the appropriate state government authority. Documentation must be included in the loan file showing that the Certificate of Title has been surrendered. If the Certificate of Title has not been surrendered, the loan is not eligible. Refer to Manufactured Home De-Titling State Requirements for state specific guidelines on titling requirements.

Guidelines change frequently, therefore, we do not guarantee accuracy.  Above is provided as a reference, to be confirmed with our team. Subject to change without notice.